Angel in the red with resources at full stretch

Angel Biotechnology's resources were at full stretch during the 15 months to the end of March and it posts a pre-tax loss of £1.3m against a profit of £193,291 for the year to end of December 2010.

Revenues of £3.5m for the 15-month period compared with £2.9m in the 2010 and gross profits fell to £1.2m from £1.9m due to expenditure required at Cramlington to ensure the facility is fully prepared for its initial MHRA inspection.

Executive chairman Dr Paul Harper said: "The company's resources have been at full stretch throughout this period.

"The task of re-commissioning Cramlington, opening business development discussions with new clients who would use the GMP manufacturing capability of that facility and latterly integrating a new business whilst maintaining full services to all our current clients has presented a considerable challenge.

"Staff at all levels within the business have shown the highest level of commitment and professionalism to deliver the required outcomes.

"The support of our shareholder base in ensuring that we have had the funds to complete these tasks has been important as has the shift towards investment from new institutional investors.

"We will now concentrate on consolidating our business and delivering shareholder value."

At 8:28am: (LON:ABH) share price was +0.01p at 0.2p

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